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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Wednesday, April 4, 2018, Vol. 19, No. 66


                            Headlines



A R G E N T I N A

ALGODON WINES: Receives Deed Approval for Argentina Estates Lots
ALGODON WINES: Board OKs Stock Dividends in Lieu of Cash


B R A Z I L

BRAZIL: Supreme Court Frees 3 Temer Associates Detained
BANCO BRADESCO: S&P Affirms 'BB-/B' Global Scale Ratings
SHREE RENUKA: To Attempt Sale of Brazil Sugar Mills Again


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Chicken Shortage, Rising Prices Cause Alarm


S U R I N A M E

REPUBLIC OF SURINAME: S&P Alters Outlook to Stable & Affirms B SCR


T R I N I D A D  &  T O B A G O

CARIBBEAN AIRLINES: To Pay Passenger US$272,000
TRINIDAD & TOBAGO: Archaic, Bad Counting Systems Blamed
TRINIDAD & TOBAGO: T&TEC Owes NGC $1.5 Billion for Gas


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A R G E N T I N A
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ALGODON WINES: Receives Deed Approval for Argentina Estates Lots
----------------------------------------------------------------
Algodon Wines & Luxury Development Group, Inc., has received deed
approval from the Cadastral Agency of Mendoza for the sale of
certain real estate lots held by the Company in Argentina.

Algodon Wine Estates, spanning four phases of development,
includes approximately 350 planned lots ranging from .5 to 7
acres, with 97 lots from Phase 1 of the master plan currently
available for private sale and development.  Revenues for each lot
sale can only be recognized once the lots are deedable and final
deeds are delivered to the buyers.  Certain of the Phase 1 lots on
Algodon Wine Estates' property were deeded and sold to buyers,
representing $870,000 in recognizable revenues in Q1 2018.  As
part of these deed approvals, Algodon successfully delivered on
all infrastructure requirements for the property as specified by
the Cadastral Agency of Mendoza.

In Q2 2018, Algodon expects to be approved for deeding another 19
Phase 1 lots, and in the next 12 months, expects to deed the
remainder of the 97 Phase 1 lots.

Future expansion opportunities outside of the approximately 350
planned lots include the conversion of Algodon's additional and
recently purchased 2,088-acre parcel, which doubled the size of
Algodon's presence in Mendoza to well over 4,000 acres.  This
additional land can be further developed into Private Estancias
and Vineyard Villas, or may be utilized to expand the existing
vineyard or other agricultural operations, or the hospitality
sectors of the business for the possibility of supplementary
income streams.  At current pricing the total value of land
available for sale in the future exceeds $80M.

"We are pleased to have received deed approval from the Cadastral
Agency of Mendoza for the initial lots on our vineyard estate,"
said Scott Mathis, founder, chairman and CEO of Algodon Wines &
Luxury Development Group.  "These initial lot sales are a strong
testament to the world class destination we have built in San
Rafael, Mendoza as well as the friendly business environment that
is developing in the rapidly growing Argentine real estate market.
Our early strategic investments in Argentine real estate are
beginning to show strong returns on our initial investments, which
we expect to continue as we begin a new marketing campaign to
increase awareness of our property's vineyard lots for sale.
During Argentina's difficult economic times over the last decade
we accumulated, piece-by-piece, a massive estate now totalling
more than 4,000 acres.  Argentina is entering a new era of growth
and we are excited that we can now deliver on the deeds, report
revenue, and introduce our magnificent vineyard lots to the wine
lovers of the world.  We look forward to providing further updates
to our stockholders as we continue to create value through the
monetization of select real estate holdings," concluded Mathis.

The Argentine real estate market is traditionally known for its
all cash transactions and low use of leverage.  Algodon Wine
Estates is one of the few real estate developments in the country
that has historically offered financing.  As the mortgage market
is gradually reintroduced to the country, the number of real
estate transactions, as well as property values, have grown
significantly.

Additionally, as President Mauricio Macri's economic reforms begin
to take hold, it is expected that international firms will
increasingly make foreign direct investments into local
infrastructure projects, fundamentally supporting economic growth.

Algodon Wine Estates is a 4,138 acre (1675 ha) world-class wine,
wellness, culinary and sport resort, and luxury real estate
development, located in the rolling hills of the Sierra Pintada
Mountains in San Rafael, Mendoza, Argentina.  This wine and golf
community is a global destination, surrounded by the natural
beauty of vineyards, fruit orchards and olive groves.  Many Phase
1 lots have pre-existing vines and groves, many situated directly
on the estate's 18-hole golf course, offering golf, vineyard and
mountain views.  The luxury destination is truly unique in the
world, where residents can step right outside their front door
onto the golf course and find themselves among meticulously
manicured vines planted in the 1940s.

Note: (All figures above are estimated in U.S. dollars, which are
subject to currency fluctuations.)

                      About Algodon Wines

Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina.
Based in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing
residential lots located near the resort.  The activities in
Argentina are conducted through its operating entities:
InvestProperty Group, LLC, Algodon Global Properties, LLC, The
Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and
Algodon Wine Estates S.R.L.  AWLD distributes its wines in Europe
through its United Kingdom entity, Algodon Europe, LTD.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2016, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

Algodon Wines reported a net loss of $10.04 million on $1.52
million of sales for the year ended Dec. 31, 2016, compared to a
net loss of $8.27 million on $1.86 million of sales for the year
ended Dec. 31, 2015.  As of Sept. 30, 2017, Algodon Wines had
$8.84 million in total assets, $4.03 million in total liabilities,
$7.61 million in series B convertible redeemable preferred stock
and a $2.80 million total stockholders' deficiency.


ALGODON WINES: Board OKs Stock Dividends in Lieu of Cash
--------------------------------------------------------
Algodon Wines & Luxury Development Group, Inc. disclosed in a Form
8-K filed with the Securities and Exchange Commission that the
Board of Directors of the Company has approved the option to offer
holders of the Series B convertible preferred shares shares of
common stock of the Company in lieu of a cash payment of any
unpaid dividends (together with any accrued interest) that are due
and owing.  The Board also approved the payment of dividends to
eligible Series B holders as of Sept. 30, 2017 in the amount of
$124,494 and an additional $160,592 as of Dec. 31, 2017.

The shares of common stock in lieu of the cash dividends paid to
the Series B holders will be exchanged at a rate equivalent to the
current market value of the common shares, as determined in good
faith by management.

                      About Algodon Wines

Through its wholly-owned subsidiaries, Algodon Wines & Luxury
Development Group, Inc. -- http://www.algodongroup.com/-- invests
in, develops and operates real estate projects in Argentina.
Based in New York, AWLD operates a hotel, golf and tennis resort,
vineyard and producing winery in addition to developing
residential lots located near the resort.  The activities in
Argentina are conducted through its operating entities:
InvestProperty Group, LLC, Algodon Global Properties, LLC, The
Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and
Algodon Wine Estates S.R.L.  AWLD distributes its wines in Europe
through its United Kingdom entity, Algodon Europe, LTD.

Marcum LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2016, citing that the Company has incurred significant losses and
needs to raise additional funds to meet its obligations and
sustain its operations.  These conditions raise substantial doubt
about the Company's ability to continue as a going concern.

Algodon Wines reported a net loss of $10.04 million on $1.52
million of sales for the year ended Dec. 31, 2016, compared to a
net loss of $8.27 million on $1.86 million of sales for the year
ended Dec. 31, 2015.  As of Sept. 30, 2017, Algodon Wines had
$8.84 million in total assets, $4.03 million in total liabilities,
$7.61 million in series B convertible redeemable preferred stock
and a $2.80 million total stockholders' deficiency.


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B R A Z I L
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BRAZIL: Supreme Court Frees 3 Temer Associates Detained
-------------------------------------------------------
The Latin American Herald reports that the Federal Supreme Court
authorized the release of three associates of Brazilian President
Michel Temer, plus several other people detained as part of a port
investigation that has implicated the head of state.

Supreme Court Judge Luis Roberto Barroso accepted the petition of
the Attorney General's Office to revoke 13 temporary prison
sentences, considering that the arrests have fulfilled their legal
purpose, according to The Latin American Herald.

Among the detainees who could leave prison in the coming hours are
attorney Jose Yunes, former assessor to the presidency, and
retired Col. Joao Baptista Lima, old friends of Temer, as well as
former Minister Wagner Rossi, a political ally, the report notes.

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2018, Fitch Ratings has downgraded Brazil's Long-Term
Foreign Currency Issuer Default Rating (IDR) to 'BB-' from 'BB'
and revised the Rating Outlook to Stable from Negative.


BANCO BRADESCO: S&P Affirms 'BB-/B' Global Scale Ratings
--------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' global scale and 'brAA-
/brA-1+' national scale ratings on Banco Bradesco S.A. (Bradesco).
S&P said, "We also affirmed our 'BB-' issue-level rating on the
bank's senior unsecured notes. At the same time, we affirmed our
'brAA-' national scale ratings on its core subsidiary, Bradesco
Capitalizacao S.A. The outlook remains stable."

Bradesco's stand-alone credit profile (SACP) reflects the bank's
dominant business position and sound market share in the Brazilian
market, which is strengthened by its leading position in the asset
management and insurance markets in Brazil. Although the goodwill
created by the HSBC Bank Brasil acquisition and the recent
sovereign downgrade have pressured the bank's capital assessment,
S&P expects that Bradesco's forecasted risk-adjusted capital (RAC)
ratio should remain around 4.4%, supported by its sound internal
capital generation that benefits from diversified sources of
revenue and non-interest income. At the same time, the bank's
asset quality metrics have started to recover after Brazil's
economy has begun to rebound, which S&P expects to continue in
2018. Moreover, Bradesco's funding and liquidity metrics remain
healthy, with a stable funding ratio (SFR) of 103% and broad
liquid assets to short-term wholesale funding of 1.4x, which
reflects a stable and diversified funding base. Despite Bradesco's
'bbb-' SACP, the sovereign ratings on Brazil limit S&P's ratings
on the bank, because government-owned securities compose most of
the bank's liquid assets.


SHREE RENUKA: To Attempt Sale of Brazil Sugar Mills Again
----------------------------------------------------------
Jose Roberto Gomes at Reuters reports that India's Shree Renuka
Sugars Ltd will try for a third time to sell sugar mills it owns
in Brazil at an auction as part of a recovery plan in its in-court
debt restructuring, according to court documents seen by Reuters.

Mr. Renuka, which entered Brazil in 2010 and owns four sugar and
ethanol plants in the country, presented a new plan to the court
overseeing its bankruptcy protection case that proposed to sell
the Revati or Madhu mills located in Sao Paulo state, or possibly
both, according to Reuters.

Two sources told Reuters in February that U.S.-based private
equity firm Castlelake LP is a leading candidate to bid for the
mills, having already held talks with suppliers. Castlelake
declined to comment.

Shree Renuka's Brazilian unit filed for bankruptcy protection in
2015, the report recalls.  It tried to sell two of its plants in
judicial auctions, but in both cases Brazil's development bank
BNDES, who is a large creditor, obtained injunctions blocking the
auctions, the report notes.

The Revati mill is a relatively new, large installation with
capacity to process four million tonnes of cane per year, the
report relays.  While no minimum price was set, the buyer is
required to invest BRL170 million in the next three years to
revamp the plant and the cane fields, the report notes.

According to the documents, dated March 28, a bidder would have
the option to also buy a 50 percent stake in the Madhu mill for
BRL15 million ($4.52 million), or the whole mill if it pays the
market value of the installation, to be determined for an
independent consultancy, on top of that BRL15 million.

The Indian company holds around BRL3 billion in debt related to
the two mills alone, the report adds.


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D O M I N I C A N   R E P U B L I C
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DOMINICAN REPUBLIC: Chicken Shortage, Rising Prices Cause Alarm
---------------------------------------------------------------
Dominican Today reports that homemakers and grocery stores in
Greater Santo Domingo are alarmed with a shortage of chicken and
rising food prices in recent weeks.

Homemaker Maria Rosso said the shortage of chicken is unexplained,
given the country's many farms, according to Dominican Today.

For grocery store manager Estarlin Rojas the shortage of chicken
has led to a jump in price, which has reached RD$60 a pound, "so
there are losses in sales," the report notes.

Ms. Rojas said before the shortage, the price of chicken ranged
from 40 to 45 pesos per pound, the report relays.  "Due to that
increase we only sell between 15 and 20 pounds per day," he added.

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.


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S U R I N A M E
===============


REPUBLIC OF SURINAME: S&P Alters Outlook to Stable & Affirms B SCR
------------------------------------------------------------------
On April 2, 2018, S&P Global Ratings revised its outlook on the
Republic of Suriname to stable from negative. At the same time,
S&P Global Ratings affirmed its 'B' long-term sovereign credit
rating, 'B' short-term issuer credit rating, and 'B' senior
unsecured debt rating on Suriname's US$550 million bond due in
2026. S&P Global Ratings also affirmed its 'B+' transfer and
convertibility assessment.

OUTLOOK

S&P said, "The stable outlook reflects our expectations that, in
the next 12 to 24 months, real GDP growth will remain positive,
leading to sustained current account balances and slow growth in
usable reserves. We also assume the government will follow through
on its plan to implement a value-added tax (VAT) or, if not, enact
some combination of fiscal measures to keep its deficits on an
improving trend, leading to a gradual reduction of its net debt
toward 50% of GDP by 2021. We also expect that the exchange rate
will remain stable and inflation will continue to fall and
pressure on the domestic banking system eases."

Upside scenario

The announcement of additional steps to boost investor confidence
and GDP growth, in conjunction with the continued steady
production among Suriname's gold mines could further accelerate
the government's movement toward fiscal sustainability. A clear
track record of strengthening economic and fiscal results and
further improvement in Suriname's external position, with narrow
net external debt falling below 50% of current account receipts
and higher useable reserves on a sustainable basis could lead to
an upgrade.

Downside scenario

Delays in strengthening the government's revenue base or failure
to contain spending could result in a return to persistently high
fiscal deficits and further increases in net general government
debt and interest expense. Alternatively, a weaker external
liquidity position could put greater strain on the exchange rate,
boost inflation expectations, undermine domestic confidence, and
stress the domestic financial system. S&P could downgrade Suriname
as a result.

RATIONALE

The outlook revision reflects two key events. First, full-year
production at Newmont Mining Corp.'s Merian gold mine, which
together with the output from IAMGOLD Corp.'s Rosebel gold mine,
has made gold the most important component of Suriname's exports
and helped to end a two-year economic contraction. Second, the
government intends to implement a VAT later this year, the latest
initiative in a succession of revenue and expenditure measures
aimed at returning the government's finances to balance. The VAT
(or other equivalent fiscal measures should the implementation be
delayed) should significantly raise revenues. While increased gold
mining and production have increased the country's economic and
fiscal exposure to gold prices, current account balances have
returned to surplus, general government deficits are shrinking and
should head toward balance, and annual increases in general
government debt and interest burdens are turning into decreases.

Other factors have played roles in this moderately improving
story. The decision to loosen the exchange rate and the subsequent
depreciation of the Surinamese dollar have compressed imports and
aided the return to current account surpluses. Thanks to the
government's resolve, a suite of new expenditure control and
revenue enhancement measures has helped to turn the fiscal trend
to improving from worsening. Staatsolie, the country's wholly
owned state oil company, will resume its exploration programs and
contribute higher levels of taxes and dividends to the government
treasury.

While S&P still views Suriname's institutional and government
effectiveness as weak, the government is making some progress. It
continues to implement improved policies and practices, especially
those in the purview of the Ministry of Finance.

The exchange rate has been stable for more than a year and
inflation has fallen significantly from its peak of 52% in 2016
and S&P expects it to continue to fall.

Flexibility and performance profile: External assessment
strengthens on return to current account surpluses.

-- S&P believes Suriname will record current account surpluses in
    2018 and the next three years on full production at the Merian
    mine and continuing import compression.

-- The general government deficit should decline in 2018 and in
    subsequent years as it did in 2017, with annual increases in
    net general government debt falling in lockstep.

-- Net general government debt should decline again in 2018
    though general government interest expense will rise in 2019
    and then begin to decline.

Thanks to full-year production at the Merian mine and increasing
current account receipts (CARs), Suriname will record a current
account surplus in 2018 for the second consecutive year. The 2018
surplus should represent about 7% of 2018 GDP, down from 8% a year
earlier. The return to surplus is also due to continuing import
compression brought on by the Surinamese dollar's depreciation in
2016. Much of what is consumed in Suriname is imported. Imports
have fallen by more than a third from pre-depreciation levels. S&P
expects that imports will recover in the next few years, but more
slowly than exports increase. Accordingly, S&P believes that the
country will record surpluses for the next three years. Higher
levels of CARs are translating into improving external liquidity
and balance metrics. Gross external financing needs should be 87%
of CARs and usable reserves for the 2018-2021 period; narrow net
external debt should represent 61% of CARs in 2018 declining to
51% of CARs by 2021.

Given the gap between Suriname's net external liabilities and net
external debt falling below 100% of CARs and external funding
risks diminishing, S&P believes that the risk of a marked
deterioration in the cost of or access to external financing has
fallen and no longer moderates its view of the country's ability
to raise funds abroad.

S&P expects that official reserves will improve in modestly in
2018 to about US$330 million and continue to strengthen in
subsequent years. For 2018, official reserves will represent about
three months of import cover.

The government's fiscal picture is improving. Revenues will
increase in 2018 on the introduction of new fiscal measures (such
as a VAT)  along with revenue measures already implemented and
additional revenue from the gold sector. Continuing fiscal
restraint will keep expenditure growth rates below those of
revenues and shrink general government deficits. Fiscal restraint
is happening through a suite of measures, such as eliminating
duplication, wage restraint, and workforce attrition. S&P expects
the country to record a deficit of 4% of GDP in 2018 (7% in 2017).
Deficits should continue to shrink beyond 2018, falling to 2% of
GDP in 2019 and reaching as low as 1% by 2021.

S&P said, "We understand that the government and opposition
parties generally support tax reform, including most notably the
VAT. Proposed tax reform includes lowering income tax rates while
broadening the base of contributors to simplify the code and
improve collections. The VAT, which is scheduled for
implementation later this year, could raise government revenues by
as much as 2% of GDP. We expect that, if implementation is
delayed, the government will put equivalent fiscal measures in
place to maintain its improving fiscal balances.

"With general government deficits falling, the change in net
general government debt will decline. We expect the change in net
debt will be 5% of GDP in 2018 (15% in 2017), 3% of GDP in 2019,
and about 1% by 2021."

"However, Suriname's public finances are now more vulnerable to
fluctuations in commodity prices, most especially gold. We expect
that revenues from gold and oil production and associated
manufacturing will represent 27% of total revenues for the 2017-
2019 period, tempering our view of the country's fiscal
assessment. Future revenues from the government's equity stake in
the Merian gold mine may further amplify revenue volatility.
Debt and interest expense have continued to increase. Net general
government debt should stand at 61% of GDP in 2018 (63% in 2017).
Falling deficits and rising GDP, however, should help debt
decrease. We expect that net general government debt will fall to
59% of GDP in 2019 and reach as low as 53% of GDP by 2021.
Suriname's US$550 million bond issue in 2016 and currency
depreciation has pushed up interest expense in Suriname dollar
(SR$) terms. General government interest expense should reach
close to 19% of general government revenues in 2018 (17% in 2017).
We expect interest expense to decline thereafter, falling to 16%
of revenues in 2019 and reaching as low as 11% by 2021.
Owing to the US$550 million issue, the majority (67%) of the
country's debt in 2018 will be external, denominated predominantly
in U.S. dollars, which moderates our view of Suriname's debt. In a
similar vein, nonresidents hold about 75% of the country's
commercial debt. As well, the banking sector's exposure to the
government (including the Central Bank and nonfinancial public
corporations) was about 24% of the banking sector's net assets at
the end of 2017, which also tempers our view of the country's
debt.

"We believe that the financial system will remain a limited
contingent liability to the government. Suriname's financial
system is not large, and we do not expect it to become so. The
gross assets of other depository corporations totaled about SR$17
billion and represented 66% of GDP in 2017. The central bank
monitors their financial health, and has intervened before to
strengthen banks under financial stress. The nondepository segment
is also small, which we expect to continue. We estimate that the
segment's total assets are below SR$5 billion, or less than 20% of
GDP. Staatsolie, the largest nonfinancial public enterprise with
debt, is profitable even at current oil prices and pays regular
dividends to the government. The majority of Staatsolie's debt is
to the government, which on-lent US$261 million to the company in
2016; that debt is already included in general government debt.
Debt in Staatsolie's name represents only about 7% of 2017 GDP. We
consider nonfinancial public sector enterprises a limited
contingent liability risk to the government.

"We believe that Suriname will continue to lack monetary policy
flexibility. Small capital markets and high dollarization of both
bank assets and liabilities should continue to constrain the
effectiveness of monetary policy. The central bank has limited
monetary policy tools. Its primary tool is reserve requirements on
local and foreign currency deposits, which it uses to manage
credit growth in the local banking system. It has taken steps to
set up an interbank market and holds regular Treasury bill calls
for bid with the goal of eventually conducting open market
operations. This could give the bank a more powerful tool to
transmit monetary policy and result in an improved assessment of
monetary policy credibility and effectiveness. We believe that the
country's move from its former long-standing fixed rate regime
could gradually increase monetary flexibility. A credible track
record in using a flexible exchange rate could help the country to
better manage external shocks.

"Financial dollarization was significant in 2017 and we expect
this to continue, constraining the potential effectiveness of
monetary policy. About 60% of deposits and close to 50% of claims
by resident commercial banks and credit unions (excluding the
government and the central bank) were in foreign currency in
2017."

The government is the lender of last resort in Suriname. It
provided a bridge loan in 2016 to a small privately held domestic
bank that required assistance. As well that year, the government
merged one small, under-capitalized state-owned bank with a
larger, better-capitalized one.

Institutional and economic profile: Economic assessment weakens on
greater economic dependence on gold mining.

-- The opening of the Merian mine has increased the economy's
    reliance on natural resources, especially gold mining and
    production.

-- Nevertheless, the output gains will boost GDP per capita to
    about US$6,400 in 2018 and real GDP should rise about 1% or
    more.

-- Suriname has a stable democratic government but poor public
    policy choices have threatened the sustainability of its
    finances.

S&P said, "We expect that real GDP will grow more robustly in 2018
with development and construction work at both mines and a
resumption of Staatsolie's exploration program. Real GDP growth
should be 1% or more in 2018, rising to 2% annually by 2021. Real
GDP growth turned positive in 2017 with the start of full-year
production at the Merian mine, ending a two-year contraction.
However, weak domestic demand will likely temper growth rates
because of continued fiscal adjustments and recent declines in
real wages. We expect that domestic demand will remain under
pressure from continued fiscal policy measures, rising prices, and
lagging wage growth.

"GDP per capita should be about US$6,400 in 2018, up about 9% from
2017. We expect that GDP per capita will continue to increase in
2019 and beyond, reaching more than US$7,600 by 2021. The growth
should be propelled in part by improving domestic demand, new
investment at Merian to process harder ore, exploration and
development at Rosebel's adjacent Saramacca property, the
resumption of near-shore exploration by Staatsolie, and the
potential redevelopment of the airport (including a new highway).
With the Merian mine's opening, the Suriname economy relies more
on gold mining and production, which tempers our view of the
country's economic strength because it has become more vulnerable
to changes in gold prices. We believe that the gold industry will
come to represent more than 20% of GDP, if it has not already
reached that threshold. Also tempering our view of the economy's
strength are material data inconsistencies, statistical
discrepancies, and below-average economic growth rates because per
capita growth rates remain below the range we expect for a country
like Suriname. The country has good long-term prospects in oil and
in agriculture--it was once a significant regional producer of
some agricultural commodities.

Suriname has a stable democratic government but poor public policy
choices have threatened the sustainability of its finances. Mr.
Desi Bouterse's Nationale Democratische Partij leads the
government with a slim majority (26 of 51 seats) in the National
Assembly. The government over-relied on natural resource revenues
from gold and oil in the first half of the decade and failed to
develop more stable and sustainable revenue sources, leaving the
country vulnerable to the downturn in the prices of those
commodities. With resource revenues buoyant, general government
spending almost doubled from 2010-2014; large fiscal deficits
ensued when commodity prices fell. Foreign exchange reserves were
high for much of the first half of the decade but, by the end of
2015, those were in danger of being exhausted. S&P believes that
the checks and balances that are the hallmark of stronger
institutional frameworks are weak in Suriname. Future policy
choices are difficult to predict because of highly centralized
decision-making. "Key person" risk is high in the country--the
president and the finance minister have outsize roles and the
success of planned reforms depends much on these two individuals.

Suriname's society, however, remains civil. Parties largely
represent different ethnic groups and relations between groups
have been harmonious. Power sharing has been broad-based but has
come at the cost of constraining the government's ability to
formulate policies and implement timely reforms. Nevertheless, the
government is making progress in some areas.  The central bank has
published its inaugural financial stability report and
strengthened a number of acts governing the financial sector. The
Ministry of Finance has strengthened the government's debt
management practices. As well, the ministry has implemented
measures, tightening controls on financial transactions
government-wide and increasing the government's ability to
implement fiscal measures.

Suriname has a history of encouraging foreign investment. The
country's first mine was a bauxite mine opened by the U.S.
aluminum company Alcoa in 1916. A Canadian firm, IAMGOLD, owns the
Rosebel gold mine. U.S.-based Newmont owns the Merian mine. The
government decided to take a 25% equity stake in the Newmont
project. Historically, it has taken a hands-off policy toward
foreign investment.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

RATINGS LIST

  Ratings Affirmed; CreditWatch/Outlook Action
                                  To             From
  Suriname
   Sovereign Credit Rating        B/Stable/B     B/Negative/B

  Ratings Affirmed
  Suriname
   Senior Unsecured               B


================================
T R I N I D A D  &  T O B A G O
================================


CARIBBEAN AIRLINES: To Pay Passenger US$272,000
-----------------------------------------------
Trinidad Express reports that a FEDERAL judge in the United States
has ordered Caribbean Airlines Limited (CAL) to pay about
US$272,000 in damages to a Connecticut woman injured in a plane
crash in Guyana in 2011.

Judge Michael Shea in Hartford ruled that Caribbean Airlines was
responsible for the injuries of Waterbury resident Indrawatie
Shiwbodh, according to Trinidad Express.

Caribbean Airlines Limited -- http://www.caribbean-airlines.com/
-- provides passenger airline services in the Caribbean, South
America, and North America.  The company also offers freighter
services for perishables, fish and seafood, live animals, human
remains, and dangerous goods.  In addition, it operates a duty
free store in Trinidad.  Caribbean Airlines Limited was founded in
2006 and is based in Piarco, Trinidad and Tobago.

As reported in the Troubled Company Reporter-Latin America on
November 2, 2015, RJR News said that Michael DiLollo, Chief
Executive Officer of Caribbean Airlines Limited has quit after
just 17 months on the job. The 48-year-old Canadian national,
citing personal reasons, resigned with immediate effect.  His
resignation was accepted by the airline's board of directors. Mr.
DiLollo was appointed Caribbean Airlines CEO in May 2014,
following the sudden resignation of Robert Corbie in September
2013.

In early February 2015, Larry Howai, then Finance Minister, told
Parliament that unaudited accounts for 2014 showed the airline
made a loss of US$60 million, inclusive of its Air Jamaica
operations, and the airline planned to break even by 2017.
Mr. Howai told the Parliament that a five-year strategic plan had
been completed and was in the process of being approved for
implementation.

In an interview with the Trinidad & Tobago Guardian in early
November 2015, Mr. DiLollo said CAL did not need a bailout just
yet. Mr. DiLollo said the airline had benefited from extremely
patient shareholders for years and he believed the airline was
strategically positioned to break even in three years.


TRINIDAD & TOBAGO: Archaic, Bad Counting Systems Blamed
-------------------------------------------------------
Trinidad Express reports that loose oil production counting that
facilitated the recent "fake oil" scandal is to blame for the vast
discrepancies in Trinidad and Tobago oil production numbers from
different sources, transparency advocates have said.

In an interview at the Trinidad and Tobago Transparency Institute
(TTTI) office at the Fernandes Industrial Centre, Laventille,
Trinidad and Tobago Extractive Industries Transparency Initiative
(TTEITI) Steering Committee chair Victor Hart and TTEITI
Secretariat head Sherwin Long believe this explains why official
Government numbers differ from the numbers the private companies
give their shareholders, and from the numbers international
agencies publish, according to Trinidad Express.


TRINIDAD & TOBAGO: T&TEC Owes NGC $1.5 Billion for Gas
------------------------------------------------------
Trinidad Express reports that state-owned electricity distributor
Trinidad and Tobago Electricity Commission (T&TEC) has a $1.5
billion unpaid bill to the State-owned National Gas Company (NGC)
and the electricity company's operations are currently buoyed by
the NGC continuously sustaining that massive bill on an annual
basis.

This was disclosed by T&TEC officials, who were before a meeting
of the Joint Select Committee (JSC) to discuss the efficiency and
effectiveness of the Regulated Industries Commission (RIC), which
is the body that sets rates and promotes quality service among
T&T's utilities, according to Trinidad Express.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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